' Draws subitem text and applies content-based formatting.
Private Sub listView1_DrawSubItem(ByVal sender As Object, _
    ByVal e As DrawListViewSubItemEventArgs) _
    Handles listView1.DrawSubItem

    Dim flags As TextFormatFlags = TextFormatFlags.Left

    Dim sf As New StringFormat()
    Try

        ' Store the column text alignment, letting it default
        ' to Left if it has not been set to Center or Right.
        Select Case e.Header.TextAlign
            Case HorizontalAlignment.Center
                sf.Alignment = StringAlignment.Center
                flags = TextFormatFlags.HorizontalCenter
            Case HorizontalAlignment.Right
                sf.Alignment = StringAlignment.Far
                flags = TextFormatFlags.Right
        End Select

        ' Draw the text and background for a subitem with a 
        ' negative value. 
        Dim subItemValue As Double
        If e.ColumnIndex > 0 AndAlso _
            Double.TryParse(e.SubItem.Text, NumberStyles.Currency, _
            NumberFormatInfo.CurrentInfo, subItemValue) AndAlso _
            subItemValue < 0 Then

            ' Unless the item is selected, draw the standard 
            ' background to make it stand out from the gradient.
            If (e.ItemState And ListViewItemStates.Selected) = 0 Then
                e.DrawBackground()
            End If

            ' Draw the subitem text in red to highlight it. 
            e.Graphics.DrawString(e.SubItem.Text, _
                Me.listView1.Font, Brushes.Red, e.Bounds, sf)

            Return

        End If

        ' Draw normal text for a subitem with a nonnegative 
        ' or nonnumerical value.
        e.DrawText(flags)

    Finally
        sf.Dispose()
    End Try

End Sub